In November 2014, Welocalize acquired Milan-based translations company Agostini Associati. Agostini was founded in 1997 and was the first translations company in Italy to gain a UN EN ISO 9001:2008 certification. The company provides highly specialized language services to global organizations across multiple industries, particularly in the financial sector.
Welocalize’s Louise Donkor spoke to Agostini’s Marketing and Business Development Manager, Guido Panini, to find out more about translation and the financial services sector.
Agostini provides localization services to a lot of companies in the financial sector. What are key challenges of localizing financial services content?
The financial sector requires not only linguistic expertise, they require financial subject matter expertise. Agostini is a recognized leader in providing financial companies translation services. Our client’s tell us that experience in the market is required, as well as being a trusted and proven partner.
Timing for services is critical for financial translations, in particular for corporate announcements, financial document release dates including press releases and shareholder communications. There are very stringent deadlines and a provider needs to be available around the clock and flexible to make the necessary changes at the last minute to accommodate a client’s deadline.
Auditing companies are continuously updating their glossaries, and the IAS (International Accounting Standards) is also regularly updated, so when translating these documents.
There is a lot of demand and opportunity for financial translations. We currently work with about 70% of the companies in the Italian FTSE because Italian law requires them to translate their financial documents. In the financial sector, we mainly work with banks, insurance companies, auditing companies and investor relaters in multinational companies. We usually translate financial statements and reports. Last year, we translated almost 200 annual reports. We also do analyst reports, shareholder communications, corporate governance documentation, and prospectuses.
How will companies in the financial sectors benefit from Agostini merging with Welocalize?
Current and potential clients will definitely benefit. As a result of this merger, we can now offer more services and capabilities, more linguistic combinations and have a better price for these combinations. Being part of one of the world’s largest language service providers gives us accessibility to talent, skills, market expertise and best practices. We will be able to provide a more accessible service with the opportunity for clients to get in contact with us 24 hours of the day. Welocalize brings more advanced technology and we are now fully equipped to provide more localization services to our multinational clients.
Common Sense Advisory notes localization and translation spend in the finance industry was more than $1.5 billion dollars in 2013.*
Click here for more information on Welocalize’s financial translation language services.
Read Welocalize Acquires Agostini Associati in Italy here.
*Common Sense Advisory August 2014 report The Top Industries for LSPs